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Australia’s Oldest Crypto Exchange Joins Growing Roster of Kraken Acquisitions

BlockClutch Team

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U.S.-based crypto market Kraken has obtained Australia’s earliest crypto exchange. 

At a recent evolution, Kraken declared its purchase of Bit Trade, an Australia-based crypto market shaped in 2013, at a Jan. 14 press release on Kraken’s blog. 

The Bit escrow site will, for now, nevertheless function as it does currently, a representative from Kraken described to Cointelegraph, such as keeping the present staff. A representative stated: 

“In the brief term, Bit Trade will continue under its existing brand and function business as normal.  Included in this acquisition we’re very happy to welcome the Bit Trade team headed by Jonathon Miller who is controlling Director for Kraken in Australia.”

Looking toward the outback

By bringing Bit Trade to the fold, Kraken will seem to become the go-to crypto trading alternative from Australia — a place that has shown considerable interest and growth in the crypto area, the press release mentioned. 

Kraken intends to sponsor gambling liquidity for Australia’s dollar (AUD) and appeal to institutional and retail gamers, the release added. Also, the acquisition increases Kraken’s over-the-counter (OTC) trading capacities. 

Meshing both surgeries

The purchase will end in 1 interface that harnesses multiple trades, providing clients a better general solution, Kraken clarified in its own launch. 

Australian consumers are now able to also get Kraken’s large OTC marketplace as a consequence of the Bit Trade buy.  

Kraken declared its purchase of a few of the very prominent OTC trading operations at the crypto area — Circle’s OTC workplace — at December 2019 since Circle shifted focus to its stablecoin, USD Coin (USDC), as reported by a Cointelegraph report.

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